If you have an estate plan in place, you are well ahead of millions of Americans. Your estate plan will save your loved ones a lot of work — and perhaps a lot of money — after you’re gone. Depending on the specifics of your plan, it can also help protect you and your property while you are still alive. However, it’s important to remember that once you have an estate plan, it is crucial to make sure that it remains up to date.
If something significant happens in your life – the birth of a child, a divorce or even the death of a loved one – you may need to revisit your estate plan.
For example, what if the person you have designated as the executor of your estate dies before you do? You’ll need to make sure your estate plan includes an alternate selection.
A divorce might mean that you need to make a complete change to how you want your assets to be distributed. These types of life events, among others, are times when Maryland residents should take another look at their estate plans.
Keep your plan relevant
Perhaps the most important aspect of a good estate plan is that it is relevant when it is needed – that it reflects the latest state of things in your life. If you did your estate plan 20 years ago and you think you are all set, you might not be.
At our law firm, we know that our clients want their estate plans to be as useful as possible. Their goals need to be met and, to attempt to ensure that, we help our clients whenever the time comes to update their estate plans. For more information, please visit the estate planning overview section of our law firm’s website.